NZD/USD broke pivotal support level 0.7140

NZD/USD broke pivotal support level 0.7140

  • NZD/USD broke pivotal support level 0.7140
  • Next sell target - 0.7060

NZD/USD today broke below the pivotal support level 0.7140 (which stopped the previous intermediate ABC correction (2) at the end of August, as can be seen from the daily NZD/USD chart below). The breakout of the support level 0.7140 follows the earlier breakout of the 50% Fibonacci correction level of the previous sharp upward impulse wave (1). NZD/USD is expected to fall to the next sell target at the next support level 0.7060 (former resistance level from March and April).




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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